Elon Musk coin

Tesla, the electric carmaker headed by billionaire Elon Musk, has started to allow people to buy brand merchandise using Dogecoin, a cryptocurrency initially started as a joke. Mr Musk announced the development on Twitter on Friday, a month after hinting of the plans.

Elon Musk reveals reasons behind support for Dogecoin “Fundamentally, Bitcoin is not a good substitute for transactional currency,” Musk said. “Even though it was created as a silly joke, Dogecoin is better suited for transactions . The transaction volume of Bitcoin is low, and the cost per transaction is high.”

Elon Musk has always backed Dogecoin , a cryptocurrency based on memes, in which he holds investments, besides in Bitcoin and Ether.